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11 07 11:07
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Daily economic digest from Forex.ee

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The EUR/USD pair recovered part of it yesterday’s losses and now is consolidating its positions within the range of 1.1725-45. Today the underlying theme across the market remains escalation of the US-China trade conflict, as the US threatened to impose an extra $200 billion tariffs on Chinese products, thereby significantly improving the demand for safety and offering some support to the common currency. Moreover, the US-China trade war also affected the US dollar positions, which stalled its yesterday’s recovery, limiting chances of the pair on any retreat. Meanwhile, now market’s attention remains focused on the ECB’s statistics conference, where key ECB bankers are due to speak, including ECB President M. Draghi, however, the US PPI report will also be able to offer some fresh trading opportunities this Wednesday.

 

The GBP/USD pair remains directionless in the middle of this week, having been locked in its tight range of 1.3250-80. The pound continues to remain under pressure of the latest developments on the political field of the UK. Recall, earlier this week UK PM T. May offered third option on how to resolve the uncertainty surrounding Brexit. The parliament negatively reacted on the PM’s proposal and five key members of the Brexit team resigned from their posts, saying that it is a betrayal of the original Brexit referendum results. On the other hand, the US dollar stalled its recent upside trend, offering major currencies a chance to recover some ground in the middle of this week. As for economic events, today investors will look forward to the US PPI report and another speech by BoE Governor M. Carney for any direction.

 

The USD/CAD pair extends its recovery from monthly lows, marked on the level of 1.3066 earlier this week, keeping its positions above the level of 1.3100. Recent gains of the pair can be mainly explained by renewed buying interest around the US dollar. However, further upside trend of the pair looks fragile, as the greenback lost its bullish momentum in the middle of this week amid escalation of the US-Chinese trade conflict. Moreover, increased cautiousness ahead of the BoC interest rate decision also limits pair’s further actions. Today the Canadian regulator is expected to increase its interest rate by 25 bps, as, according to the Bank’s guidance, policy tightening path should be gradual and guided by incoming data. Besides the BoC meeting, investors will also pay attention to the US PPI report, which is also scheduled for the NA session.

 

The USD/JPY pair remains pressured this Wednesday, having again slipped below the level of 111.00. Today the market is broadly driven by reemerged risk aversion, as Trump administration is planning to impose additional tariffs on Chinese imports. This news has significantly increased the demand for safety, including the yen. On the other hand, persisting divergence between the Fed and BoJ remains one of the key drivers for the pair, thus limiting its further retreat. In the day ahead, the US will release the PPI data, while any further escalation of tension between the US and China will be able to bring a significant impact on the pair.

 

Major events of the day:

ECB President M.Draghi’s Speech – 10.00 (GMT +3)

US PPI – 15.30 (GMT +3)

BoC Interest Rate Decision – 17.00 (GMT +3)

BOC Press Conference – 18.15 (GMT +3)

BoE Governor M. Carney’s Speech – 18.35 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1656 R. 1.1814

USDJPY                 S. 110.52 R. 111.62

GBPUSD               S. 1.3171 R. 1.3379

USDCHF               S. 0.9872 R. 0.9986

AUDUSD              S. 0.7404 R. 0.7512

NZDUSD               S. 0.6781 R. 0.6885

USDCAD               S. 1.3072 R. 1.3166

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OCTL2P Installation and Activation Print

One Click Trading Level2 Plugin

One Click Trading is a very important and useful tool developed on the basis of Level2 application. One Click Trading makes it very easy to monitor the markets and react to the market changes on time. One click is enough to catch the best price and make a beneficial trade.

Installation and activation

To install OCTL2P you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box. Before installing OCTL2P we suggest you close all running applications including MT4 terminals.

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Read the license agreement, select the check box I accept the agreement and click Next to proceed.

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Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.

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When the installation process is finished, the Next button will be activated.

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Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.

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Before you activate OCTL2P, please, check the settings: launch the MT4 trading platform, from main menu choose Tools → Options, in the opened window select the Expert Advisors tab and switch on the Allow automated trading and Allow DLL imports options and click OK.

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To activate the Expert Advisor in the Navigator window, click Expert Advisors. Installed EA should be seen in the list. Double-click on OneClickTradingLevel2 or simply drag and drop it onto the chart. Click OK.

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If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.

MT4 Installation Print

Trading platform MetaTrader 4

Metatrader 4 is a modern and easy-to-use trading platform for online trading. It ensures round-the-clock access to financial markets and market information as well as quick order execution. With Metatrader 4 traders may take advantage of using Expert Advisors, Indicators and develop their own trading strategies.

System requirements: Microsoft® Windows® XP or later.

Installation

To install Trading platform ForexEE MT4 you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box.

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Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.

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Please indicate installation directory for MetaTrader4 and choose name for Start Menu folder Start → All Programs. We recommend using the default installation settings. Also select a relative check box if you want to Create a desktop shortcut, Оpen MQL5.community website or Launch program after successful installation. Click Next.

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Now the program is downloading all necessary files from our server and installing them on your PC. Click Finish when installation is complete. Congratulations! MT4 has been successfully installed on your computer.

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